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The First Bancshares, Inc. (FBMS) is a prominent national banking association headquartered in Hattiesburg, Mississippi. Incorporated on June 23, 1995, and commencing operations on August 5, 1996, the company has significantly expanded its footprint in the banking sector. As the parent company of The First, a national banking association, it has grown through strategic acquisitions like the First National Bank of Wiggins in 2006, eight Whitney Bank branches in 2011, and Bay Bank in Mobile, Alabama in 2014. Today, The First Bancshares, Inc. boasts 30 offices across South Mississippi, Louisiana, and South Alabama.
The core business of The First Bancshares, Inc. focuses on providing a variety of banking products and services. These include deposit accounts such as checking, savings, and time deposits for individuals, businesses, associations, organizations, and governmental authorities. The company also offers a range of lending options including secured and unsecured commercial and personal loans, consumer loans, business expansion loans, equipment and machinery purchase loans, and residential mortgage loans.
In addition to traditional banking services, The First Bancshares, Inc. provides financial and wealth management services, online internet banking, voice response telephone inquiry, safe deposit boxes, traveler's checks, and mobile deposit services. The company operates in three main segments: Commercial/Retail Banking, Mortgage Banking, and Holding Company.
The First Bancshares, Inc. continues to innovate and adapt to the evolving banking needs of its customers, ensuring a robust financial condition and strategic partnerships that enhance its service offerings. Recent achievements include notable expansions and a solid track record of successful integrations, which underpin its reputation as a reliable and forward-thinking financial institution.
The First Bancshares, Inc. (FBMS) reported net income of $15.8 million for Q2 2022, down 6.4% from Q1 2022. The company announced a definitive agreement to acquire Heritage Southeast Bancorporation, enhancing its presence in Georgia and offering access to dynamic markets. The acquisition is expected to add approximately $1.7 billion in assets. FBMS declared a cash dividend of $0.19 per share, marking a 6% increase, payable on August 25, 2022. Total loans grew 5.7% excluding PPP loans, while consolidated assets fell to $6.037 billion due to a decrease in deposits.
The First Bancshares has announced its definitive merger agreement to acquire Heritage Southeast Bancorporation (HSBI) in a deal valued at approximately $207 million. This acquisition will enhance The First's presence in key markets, particularly in Georgia and Florida, allowing entry into Atlanta, Savannah, and Jacksonville. Upon completion, the combined entity is projected to have around $8 billion in assets and over 100 branches across five states. HSBI shareholders will receive 0.965 shares of The First's stock for each HSBI share, with the transaction expected to close in late 2022 or early 2023.
The First Bancshares, Inc. (NASDAQ: FBMS) will release its second quarter financial results on July 27, 2022, after market closure. A conference call for analysts and investors is scheduled for July 28, 2022, at 1:00 p.m. Central Time to discuss the results. The audio archive and transcript will be available on their Investor Relations website within 24-48 hours post-call.
The First Bancshares operates in Mississippi, Louisiana, Alabama, Florida, and Georgia, offering a diverse range of banking services.
The First Bancshares, Inc. (NASDAQ: FBMS) announced it has received regulatory approvals for its acquisition of Beach Bancorp, Inc. (BBI), which is expected to finalize on August 1, 2022. This acquisition will enhance The First's footprint in the Florida panhandle and give access to the Tampa market. The deal, initially proposed on April 26, 2022, requires BBI shareholder approval at a special meeting on July 21, 2022. The merger is anticipated to yield operational synergies and market expansions.
The First Bancshares, Inc. (NASDAQ: FBMS) will participate in the 2022 Gulf South Bank Conference from May 2-3, 2022, at the Ritz-Carlton Hotel in New Orleans, Louisiana. The event will feature one-on-one meetings with bank stock analysts and investors. Attendees can access the presentation materials on the company’s website under Investor Relations. Founded in 1996 and headquartered in Hattiesburg, Mississippi, The First Bancshares operates across several states, including Mississippi, Louisiana, Alabama, Florida, and Georgia.
The First Bancshares, Inc. (FBMS) announced a strong first quarter of 2022 with net income of $16.8 million, reflecting a 6.6% increase from the previous quarter. The company plans to acquire Beach Bancorp, enhancing its presence in Florida and adding approximately $620 million in assets. Diluted earnings per share reached $0.81, up 8% from Q4 2021. Total loans increased 4.4% annually, while deposits rose by $211 million. A cash dividend of $0.18, a 6% increase, will be paid on May 25, 2022. The acquisition aims to provide significant market share growth in dynamic Florida regions.
The First Bancshares, Inc. (NASDAQ: FBMS) has announced a definitive agreement to acquire Beach Bancorp, Inc. (BBI), enhancing its footprint in Florida's panhandle and entering the Tampa market. The merger will result in Beach Bank merging into The First Bank, which will strengthen market position in key areas. BBI operates seven branches with $492 million in deposits and $456 million in loans. Shareholders of BBI will receive 0.1711 shares of FBMS stock per share of BBI, valuing the deal at approximately $116.7 million based on FBMS's closing stock price of $32.92.
The First Bancshares (NASDAQ: FBMS) has announced a new share repurchase program for 2022, allowing for the repurchase of up to $30 million of its common stock. This program replaces the previously extended 2021 repurchase initiative, which was completed in February 2022. The timing, number of shares, and pricing for the repurchases will be determined by management based on market conditions and regulatory requirements. The new program is set to expire on December 31, 2022.
The First Bancshares, Inc. (NASDAQ: FBMS) has renewed its share repurchase program, allowing up to $30 million for stock buybacks, which had expired on December 31, 2021. The management will decide on the timing, method, and price of purchases based on market conditions. The new program is set to expire on December 31, 2022.
This initiative aims to enhance shareholder value while considering market dynamics.
The First Bancshares, Inc. (FBMS) reported a net income of $15.8 million for Q4 2021, down 2.1% from Q3. The decrease was influenced by one-time charges and lower PPP fee income. Year-over-year, net income rose 22.2% from $52.5 million in 2020 to $64.2 million in 2021. Notably, FBMS completed the acquisition of seven branches from Cadence Bank, adding $410.2 million in deposits. The Board declared a cash dividend of $0.17 per share, reflecting a 6% increase. Total assets surpassed $6 billion, making FBMS the 5th largest bank in Mississippi.
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